Legislators did not go so far as to authorize the transfer of credit contracts with respect to the receivables of the UNvEU (even in the case of crystallized debts). Italian securitization vehicles can only be disposals of debts and not underlying credit contracts, even if the receivables are “crystallized” (i.e. in the absence of withdrawal obligations for the lender). The Growth Decree recognizes that in the event of non-compliance with unrelated obligations, the transfer of debts takes place within the framework of a credit report that still exists, although it deteriorates; indeed, there may be outstanding withdrawal commitments under the relevant credit agreements. The assignment of these receivables reinforces the dichotomy between ownership of the underlying receivables and the position of lender under a credit contract, particularly (but not only) in cases where obligations remain. It is a form of transfer agreement (which is usually attached to a credit contract as an exposure) that can then be used to transfer a loan from the transferee to the borrower. In the provisions for standard credit agreements. In addition, the transfer of a credit contract requires, under Italian law, the agreement of the transferred borrower (while the assignment of debts is authorized without the consent of the transferred debtor). In practice, these cases are treated as follows: some amendments have clarified some of the issues that had been raised in practice, as well as the completion of securitization of income from real estate and registered property assets. These are not addressed in this article. Decree 34 of 30 April 2019 (Decree on Growth), transformed into law by Law 58/2019 of 28 June 2019, introduced a number of amendments to Law 130 of 30 April 1999 (the Securitisation Act). However, a new provision has also been introduced, which encourages the transfer of “unlikely to pay” (UTP) receivables.
This article briefly analyzes the amendment introduced by the Growth Decree to promote securitization of UN-UtP claims. The new provision on UNITED Nations service requirements must be implemented by practitioners in order to comply with certain aspects of the law that have not been explicitly regulated. However, the new changes to the securitization law by the growth decree underline both the attention paid by Italian legislators to the demands of market players and the dynamism of the Italian securitisation market. Home / Content / Legal – Documentation / Primary Market / Standard Documents / Form of Assignment Agreement The law does not clarify how the different positions of the bondholders and the new bank would be settled if they have simultaneous claims, especially if the new bank pays an amount of credit to the receivable and bears the full risk. However, we assume that this problem will be contractually resolved by providing for a specific clause on waterfalls. Article 4, paragraph 4, of the amended Securitisation Act encourages the transfer of UN debts by authorising the transfer of UN debts to an SPV: Francesco Dialti CBA Studio Legale, Milan francesco.dialti@cbalex.com.